Insolvency and Corporate Restructuring
Companies facing financial difficulties can now use the new Commercial Code rules of preventive restructuring and reorganization proceedings to forestall liquidation, and if successful, rehabilitate their businesses. Having been involved in the drafting of the insolvency, restructuring and reorganization provisions of the New Commercial Code of Ethiopia, our lawyers will work with clients in developing workable restructuring or reorganization plans, negotiating with creditors and obtaining the qualified votes as well as securing confirmation from the bankruptcy court. Our lawyers also have the most relevant knowledge in getting the required approval for sale of business as a going concern, leveraging their lateral knowledge in mergers and acquisitions.
Our services include:
- Applying to bankruptcy court for opening restructuring, reorganization or bankruptcy proceedings, whichever is most appropriate;
- Seeking the appointment of experts in restructuring, supervisor in reorganization or trustee in bankruptcy proceedings;
- Together with debtors, developing restructuring or reorganization plans, and/or a plan for sale of business as a going concern most likely to secure the qualified majorities for approval and confirmation of the plans;
- Taking all actions necessary to protect the interest of clients in restructuring, reorganization or bankruptcy proceedings, including representing clients in negotiations and approvals of restructuring or reorganization plans, obtaining stays of executions (where appropriate), new or interim insolvency finance, and drafting the business sale agreements in sale-of-business as a going concern.